Teradyne Inc. (TER) shares soared 5.28% in the pre-market trading session on Monday, outperforming the broader market. This surge came after JPMorgan upgraded the semiconductor testing equipment maker to "Overweight" from "Neutral" and raised its price target to $158 from $145.
According to JPMorgan analysts, the upgrade reflects their optimism about Teradyne's growth prospects in the AI chips, memory, and mobility markets. They expect the company's total addressable market (TAM) in these segments to expand, positioning Teradyne favorably to achieve its 2026 targets.
Additionally, the analysts anticipate Teradyne will witness growth in 2025 and 2026, primarily driven by a recovery in smartphone unit sales, which will further boost the company's mobility TAM. This positive outlook, coupled with the increasing demand for custom AI chips and memory solutions, underpins JPMorgan's bullish stance on the stock.
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